Minutes of the London FXJSC Legal Sub Committee Meeting – 16 June 2026
The London FXJSC Legal Sub Committee reviewed the 2026 FX Definitions transition, SWIFT implementation, and AI-related legal issues during its June 2026 meeting.
The meeting, chaired by Sharon Blackman, approved the minutes from March 2026 and discussed the 2026 FX Definitions update, including changes from the 1998 definitions, SWIFT implementation timelines, and supporting materials for firms. The four-year program, launched in 2024, is now in its implementation phase, with a SWIFT change request submitted before the June 4th deadline. SWIFT rulebook changes are expected over the summer, with the new FX Definitions set to take effect in November 2027, after which the 1998 definitions will no longer apply.
Discussions between ISDA and local banking associations are ongoing, while non-material amendments were made to competition law guidance. The group invited feedback, particularly on the introductory paragraph and references to subcommittees, noting that most substantive changes to the terms of reference relate to the legal subcommittee’s operations and the introduction of a deputy chair role.
The Deputy Chair, Tamsin Rolls, was confirmed with no objections from the group. Members were asked to submit any final comments to the Secretariat. The committee also considered revisiting legal issues related to the use of AI in FX markets, focusing on algorithmic trading, competition law, and market practices.
The group noted an upcoming policy paper on stablecoins and digital transformation, suggesting a revisit of these topics once new regulatory documents are published. The meeting concluded with a call for further input on the discussed updates and future agenda items.